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Turkey wants your under the mattress gold

As Turkey battles inflation at nearly 50% and a very weak lira, the government wants to encourage citizens to convert their "under the mattress" gold worth billions of dollars into lira-denominated bank accounts.

This plan aims to strengthen the lira by depositing 5,000 tons of "under the mattress" gold into the banking system.

Treasury and Finance Minister Nureddin Nebati explained: "With this package, we will put under-the-mattress gold, which is estimated at around 5,000 tons, into the [banking] system. It is equivalent to about $250-$350 billion. A certain part of that amount will support the Central Bank's foreign currency needs," Nebati said at a press conference in London on February 8.

"Under the mattress" gold is a term used to describe the yellow metal stored by citizens at their homes as an insurance policy against rising prices and currency devaluation.

Nebati added that 30,000 gold shops and five gold refineries would potentially help with the logistics. More details of the government's plan to covert private gold holdings into lira bank accounts are expected to be announced within days.

"The most important point is that another instrument to encourage Turkish lira savings has been prepared as an essential aspect of our model," Nebati stated.

The announcement was made during Nebati's first official trip abroad at comes just after Turkey's latest inflation data from January, which showed price pressures soaring to fresh 20-year highs at an annual pace of 48.7%.

The Turkish lira has not been holding up well in light of red-hot inflation numbers. Last year, the country's currency tumbled 44% against the U.S. dollar.

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Comments

  • 1630Boston1630Boston Posts: 13,770 ✭✭✭✭✭

    Interesting, thanks

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,760 ✭✭✭✭✭

    Deja vu of 1933 in America.

  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    @TwoSides2aCoin said:
    Deja vu of 1933 in America.

    Agree with the deja vu. If the 'voluntary' program of gold conversion does not take place... I wonder what their next step will be.....

    ----- kj
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Under the mattress is the first place residential burglars check.... I know, it is just a 'term'... but many people actually DO store valuables under their mattress. Cheers, RickO

  • JimTylerJimTyler Posts: 3,004 ✭✭✭✭✭

    Put some replica gold under your mattress when the crooks find it they start to drool and run out, they cut the fat calf.

  • I got some Turkish gold if they want it or anyone here does, lol

    Successful transactions with: AnonMan, Commoncents05, JJM, PerryHall, Danielp, greenwr, Along, Herb_T, Downtown1974, masscrew, coinnerd, liefgold, JWP, Relaxn, Pnies20, Weiss, Type2, dm679864, pointfivezero, and more!

  • blitzdudeblitzdude Posts: 5,297 ✭✭✭✭✭

    Thanks but no thanks. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • johnny9434johnny9434 Posts: 27,330 ✭✭✭✭✭

    if they can find any gold they can have it >:)

  • ashelandasheland Posts: 22,571 ✭✭✭✭✭

    I’ll keep my gold, thanks anyway. :D

  • BLUEJAYWAYBLUEJAYWAY Posts: 7,826 ✭✭✭✭✭

    Will they issue a 1099? >:)

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • 1630Boston1630Boston Posts: 13,770 ✭✭✭✭✭

    Interesting, thanks

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    Bad transactions with : nobody to date

  • LukeMarshallLukeMarshall Posts: 1,883 ✭✭✭✭✭

    @Weiss Cool B)

    It's all about what the people want...

  • PerryHallPerryHall Posts: 45,208 ✭✭✭✭✭

    @Weiss said:
    Just a taste of the gold that will never, ever, be turned over to the Erdoğan administration.

    Turkey (Ottoman)100 Kurush 1327/9 AH (1909) KM# 754
    .917 pure (22k)
    7.216 g (AGW .2127 troy oz)
    Shown resting on a 1910 Egypt (Ottoman) 20 Qirsh

    @Weiss Very cool coins. Does anyone know the background or meaning of the squiggle mark on the Arabic coins? I read somewhere that Mohamad was illiterate and when he once signed a proclamation or document, he dipped three fingers in ink and then moved those fingers around on the document to sign it. Anyone ever hear this story?

    Worry is the interest you pay on a debt you may not owe.

  • TomBTomB Posts: 20,614 ✭✭✭✭✭

    I believe that is the signature of Sultan Abdul Hamid written in calligraphy.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • WeissWeiss Posts: 9,922 ✭✭✭✭✭

    @PerryHall said:

    @Weiss Very cool coins. Does anyone know the background or meaning of the squiggle mark on the Arabic coins? I read somewhere that Mohamad was illiterate and when he once signed a proclamation or document, he dipped three fingers in ink and then moved those fingers around on the document to sign it. Anyone ever hear this story?

    That mark is called a "tughra". It's a stylized monogram of a ruler:

    https://en.wikipedia.org/wiki/Tughra#:~:text=A tughra (Ottoman Turkish: طغرا,coins minted during his reign.

    Islam is based on the other monotheistic / Abrahamic religions which preceded it: Judaism and Christianity. Muslims revere Moses (who they call Musa) and are particularly sensitive to avoiding graven images and false idols. They believe depicting people in art, including gold and silver coins, is a direct violation of this commandment. That's why you almost never see images of people in Islamic art. Instead, you see a thousand years of perfecting calligraphy.

    Interestingly, many modern Islamic countries feature images of their religious and political leaders on their currency.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • PerryHallPerryHall Posts: 45,208 ✭✭✭✭✭

    Thanks. I always learn at least one new thing every day on these forums. :)B)

    Worry is the interest you pay on a debt you may not owe.

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